Note
So far, everything sailing according to plan... The fake H&S of the smaller timeframes was a bear trap bait, and we're now past the first overextended retracement (green Fib) to complete this second larger overextension pattern supported on the 38.20% level of the left white Fib. The overextension zone in the right (coincidentially! wow!) meets the 50% of the wedge's Fib on the left, so I expect it to be somewhat a big resistance, although we're in a strong trend channel and not even close to the overbought zone in RSI. We'll also (coincidentially, wow! /sarcasm) meet in the overextension zone the 200-day EMA, so again as I said in the original post, the red forecast arrow is the most probable one, specially with Stochastich this overbought.
Trade closed: target reached
I sense a bull trap in the makings. Ofc, the people who were correct two weeks ago (aham...) selling this level might tank the correction deeper than the red arrow I forecasted initially if the new buyers have weak hands. I'm more than ready to rebuy at 78.60%-61.80% levels (right white Fib). You sirs, have been warned! Good luck everyone!
Trade closed: target reached
the smile on one's face when the checkmark of success shows up... :DLet´s nail the next one!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.